Avid Bioservices (CDMO) Announces Earnings Results, Misses Estimates By $0.09 EPS

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Avid Bioservices (NASDAQ:CDMO) issued its quarterly earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.09), Bloomberg Earnings reports. Avid Bioservices had a negative return on equity of 57.49% and a negative net margin of 46.62%. The business had revenue of $6.82 million for the quarter, compared to analysts’ expectations of $8.95 million.

Avid Bioservices stock remained flat at $$3.40 during mid-day trading on Thursday. The company had a trading volume of 506,310 shares, compared to its average volume of 385,956. Avid Bioservices has a 52 week low of $2.24 and a 52 week high of $5.78. The stock has a market capitalization of $181.66, a price-to-earnings ratio of -3.86 and a beta of 2.24.

The firm also recently disclosed a dividend, which was paid on Monday, April 2nd. Investors of record on Monday, March 19th were given a $0.6563 dividend. The ex-dividend date of this dividend was Friday, March 16th.

A number of equities analysts have commented on CDMO shares. Zacks Investment Research cut Avid Bioservices from a “hold” rating to a “sell” rating in a report on Saturday, December 16th. Noble Financial reissued a “buy” rating on shares of Avid Bioservices in a report on Tuesday, December 12th. First Analysis initiated coverage on Avid Bioservices in a report on Tuesday, March 13th. They issued an “overweight” rating and a $4.00 price target for the company. Wells Fargo initiated coverage on Avid Bioservices in a report on Thursday, March 15th. They issued an “outperform” rating for the company. Finally, ValuEngine cut Avid Bioservices from a “sell” rating to a “strong sell” rating in a report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $7.00.

In other news, Director Mark R. Bamforth purchased 50,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $2.25 per share, for a total transaction of $112,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.53% of the company’s stock.

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About Avid Bioservices

Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, is a biopharmaceutical company. The Company is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products.

Earnings History for Avid Bioservices (NASDAQ:CDMO)

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